Crossroads...
It'll be at least another year before VC's consider the risk as more palatable and an IPO is probably out of the question, certainly for the next two to three years.
This is far more likely to be a review of the business with the aim of improving return and simultaneously attracting new investment to take out Core Capital, who have clearly been looking for an exit for quite some time. Core Capital was great for Kelway but not once the business pushed past 200m turnover.
With healthier performance, sound future forecasts and new added investment, Kelway could then be better placed to continue growth through further acquisitions.
It's other route is of course to increase value and seek a buyer, not necessarily a UK one.